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Well, here’s one answer to a question we’d been wondering about since last week, when the ECB lowered the deposit rate from 0.25 per cent to zero.
We were curious to know whether some EUR-denominated investors would switch into USD short-term markets in a search for yield. Read more
As last week was dominated by holidays and the Supreme Court’s healthcare ruling in the US, it’s taken a little longer than usual for some of the econoblogopunditsphere there to get really fired up about the Libor scandal. But it’s well and truly happening now.
First up Nouriel Roubini, who says things have become worse since then financial crisis: the TBTF banks are bigger, along with their conflicts of interest. Our (rough) transcript of one part follows: Read more
Revealing little, but here it is — the Bank of England’s response to a Freedom of Information Act request from John Mann MP, seeking “copies of emails and transcripts of telephone conversations between Deputy Governor, Paul Tucker and Bob Diamond, Chief Executive of Barclays between 1 October 2008 and the 30 November 2008.”
Covering letter… (click the images) Read more
Live markets commentary from FT.com
Goldman Sachs’ Jan Hatzius, in his response to the Friday non-farm payroll figures, says the bank’s central case of 1.5 to 2 per cent GDP growth in the US over the next four quarters “still feels right” although there are risks it will be weaker.
If that central case is right, Goldman expects further Fed easing. Read more
Asian stock markets fell and the yen rose after data showed Japanese machinery orders fell 14.8% in May from the previous month. (Bloomberg)